Acquired / Case file
JPMorgan Chase
Run-it-hot operating discipline at a regulated megabank.
Latest filing on file · 2025-12-31
Bank income statement: no cost of revenue; revenue is net interest income plus noninterest income. Margin ratios are not meaningful here.
Overview
Business model and origins
Build a diversified financial institution whose businesses reinforce one another and whose balance sheet can keep playing offense through a crisis.
1 episode2025-07 case file as of
Origin
The episode treats today's JPMorgan Chase as the product of a sequence of combinations, especially Bank One's 2004 merger with JPMorgan Chase and the crisis-era additions of Bear Stearns and Washington Mutual. Its central operating story is Dimon's conversion of a fragmented Bank One into a risk-disciplined platform.